FS-ISAC Security Incident

Far from being on the decline, ransomware is a rapidly evolving threat, with a rising number of attacks and new extortion tactics In a 2020 report titled The Rise and Rise of Ransomware , Financial Services Information Sharing and Analysis Center (FS-ISAC) found that while financial institutions remain resilient to ransomware attacks, they are not immune. Ransomware is a rapidly evolving threat that financial institutions globally and in the APAC region need to be vigilant against. Last month, cybersecurity firm Checkpoint reported that India ranked second for ransomware threats in the world, and Sri Lanka ranked third. However, a study by US-based Temple University only found 28 reported cyber-attacks in Asia, indicating a large degree of underreporting. The report notes that ransomware operators have publicly claimed successful attacks against eight financial institutions around the world in 2020, three of which are banks. Even large institutions with robust cyber defences are still vulnerable to attacks, especially through their third-party suppliers who are key targets. Ransomware operators have targeted third parties and suppliers used by firms in Asia, such as Software AG, who was the victim of CLOP ransomware in October. Ransomware No Longer a One-Trick Pony Traditionally, ransomware attacks involved cybercriminals holding a system or data for ransom, with access restored once the ransom is paid. Today, ransomware attacks have diversified, incorporating new revenue streams such as: Extorting victims by threatening to publicly name them and publish sensitive data online Auctioning off victims data to other criminals on the dark web Ransomware-as-a-service, where less technical criminals can buy ransomware kits from more sophisticated threat actors Top 5 Threat Actors The report notes the top five ransomware ploys in the last 12 months: Ryuk: 45 Maze: 14: WastedLocker: 4 Troledesh: 3 Sodinokibi: 3 Threat Intelligence is a Critical Tool in Fight Against...

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